A digital PCM signal comprises a random sequence of binary digits which occur at a regular periodic rate. To detect and regenerate such a signal it is necessary to provide a clock signal that is synchronous with the signal. This clock can be provided through a separate path, or it can be derived from the incoming data stream. The latter is typically accomplished by a process which includes rectifying the data stream and then applying the rectified signal to a phaselocked voltage-controlled oscillator. (See Phaselock Techniques by F. M. Gardner, pp. 117-119, published by John Wiley and Sons, Inc., 1966.) This is a two-step process which employs a rectifier circuit and a separate phase detector in the oscillator loop.